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Real estate

Real estate

Morris James signs lease at new Avenue North high-rise

The Delaware law firm of Morris James has leased more than 40,000 square feet in the high-rise building at the Avenue North development near Wilmington. The Philadelphia Business Journal first reported the transaction. The publication indicated that the law firm is vacating Class A space in downtown Wilmington as the high-rise moves toward full occupancy. In February, Morris James...

PODS to occupy 130,000 square feet at Delaware River Industrial Park

Harvey, Hanna & Associates, Inc. announced the completion of its latest industrial property spanning 130,000 square feet at 50 Harbor View Drive in the Delaware River Industrial Park. PODS Enterprises LLC, which uses containers to store and move household goods, will occupy the entire building at 50 Harbor View Drive. Terms were not disclosed. "We are proud to unveil this addition...

Delaware ranks 49th as homeowners remain reluctant to take on more mortgage debt

Delaware ranked 49th among the 50 states in adding mortgage debt. The WalletHub financial information site issued the report. WalletHub compared the 50 states based on its data on mortgage debt from the third quarter of this year to the previous period a year earlier. Delaware highlights Overall rank: 49th Change in average mortgage debt: The average mortgage balance in Delaware...

Sussex County now taking applications for affordable housing programs

On April 1, Sussex County’s Community Development & Housing office will begin taking applications from groups that develop new or preserve existing affordable housing. The program, known as the Housing Trust Fund, is an effort to provide access to and preserve affordable housing. Developers, groups, and others working toward increasing the affordable housing stock in Sussex County can apply...

February home sales market sees increase in listings and dip in number of units sold

The Delaware Association of Realtors reported what it termed as a healthy increase in new listings. The group sees the increase as a positive sign as listings have been in short supply. While new listings were on the rise, the number of units sold decreased by 6%. The realty group said buyers are taking a more selective approach. The median listed...

Habitat adds 4 affordable homes in Middletown

Habitat for Humanity of New Castle County will dedicate four new homes in Middletown on Thursday "It has never been more important, with the affordable housing deficit, to create new affordable homeownership opportunities for working families," said Kevin Smith, CEO of Habitat NCC. "This project in Middletown (Grace Point II) does just that; adding four new homes, while continuing our...

Prelude opens new headquarters

Last month, industry and government dignitaries gathered to mark the opening of Prelude Therapeutics new headquarters and research lab at the Chestnut Run Innovation & Science Park near Wilmington. Prelude Therapeutics founder and CEO, Kris Vaddi, began the ceremony by reflecting on Prelude’s mission. “This was an idea to build a cancer-focused biotech company, rooted in science from...

My take: Labor market, Kroger-Albertsons and Macy’s

A few odds and ends from the labor market and retailing. First off, we won't see the state's labor market (unemployment) report for January until March, followed by the February stats later in the month. The state's jobless rate is likely to remain fairly steady. The timing of reports has to do with a short month and labor market figures being...

Fusco makes $5 million commitment to Ursuline Academy

Ursuline Academy, an independent, Catholic, college preparatory school for students from early childhood through 12th grade, receiveda $5 million commitment from Anthony N. Fusco Sr., a Delaware real estate developer. A release stated that this gift is the largest in Ursuline’s 130-year history and will have a widespread impact across the academy. “Mr. Fusco’s extraordinary generosity has not only...

Delaware home sales market slows slightly in January

The Delaware Association of Realtors reported that January's housing market posted a slight decrease in new listings and homes sold. The inventory of new homes did rise sharply. The median price increased by 4.50%, However, the median listed price increased by only 0.17%. The real estate group stated that pending sales fell by 8%, but active inventory showed 13% growth,...

Community Foundation buys Historical Society building in Lewes

The Delaware Community Foundation (DCF) has purchased 302 Savannah Road in Lewes from the Lewes Historical Society. Built in 1898, the 3,485-square-foot structure is in the town’s Historic Business District. “This property offers us a unique opportunity to create a salon-style gathering place for our donors, supporters, and non-profit partners,” said Stuart Comstock-Gay, CEO of DCF. “It will serve...

The Mill cuts ribbon on expansion at Market West in downtown Wilmington

The Mill recently marked the completion of a recent expansion of its coworking space at Market West, 221 W Tenth St. in downtown Wilmington. The 38,000-square-foot expansion makes The Mill one of the largest coworking spaces in the Greater Philadelphia market. The expansion was part of the mixed-use conversion of the former Nemours Building now known as Market West. The Mill expansion to the third floor includes more than 30 furnished offices of various sizes...

Delaware sees increase in home listings as sales prices continue to increase

As 2023 ended, the Delaware home sales market saw a double-digit increase in new for-sale listings, the Delaware Association of Realtors reported. Units sold saw a 9% dip. However, the value of homes continued upward, with median listed and sold prices growing by 5.76% and 5.58%, respectively. "This resilience in property values underscored a market where the worth of homeownership...

Landlord weighs converting 300 Delaware into apartments

The Philadelphia Business Journal (subscription) reported that the 300 Delaware Avenue high-rise office building is being studied for a possible conversion to apartments. Brandywine Realty Trust CEO Jerry Sweeney told the business journal that the Philadelphia company is considering converting the 17-story structure to part-office-part residential or full residential. Brandywine is looking at similar conversions outside of Philadelphia within its portfolio,...

State to spend $25 million in effort to turn around Dover’s struggling downtown

Photo from Dreamstime The State of Delaware plans to spend more than $25 million in three projects aimed at revitalizing downtown Dover. “The State of Delaware has a vested interest in the success of downtown Dover, not only because it is our capital city, but because it is where thousands of state employees work and where many would like to live,”...
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